The company will offer a new model of the iPhone, called the “iPhone 4S,” which it said will be twice as fast as the existing model, and have graphics capabilities seven times as fast. The device will be a “world phone, ” meaning it can be taken to different networks in different countries around the world. Apple showed off voice commands that will make the phone a personal assistant, with the ability to read you your email messages if you ask it to do so, as well as telling you the weather, making reservations, doing searches for info on the Web, all by speaking into the device.

Apple marked down its existing iPhone 4 to $99, and said the older iPhone 3GS will be free when you take out a cellular contract.

Apple also said it will sell a white version of the iPod Touch, and will offer various models of the device at lower prices than before.

Much of the presentation leading up to that announcement consisted of rehashing previously announced features of its iOS 5 update, which will be available on October 12th, along with the “iCloud” service. The company unveiled a couple of previously undisclosed software items, including an app called “Cards,” to send postcards by mail from your phone, and a service on iCloud that will let you see where friends are nearby.

The Wall Street Journal’s Geoffrey Fowlertoday offers an overview of the event, characterizing it as the maiden voyage of newly installed CEO Tim Cook.

Your humble host will not be on premises, having remained in New York to mind the shop. However, multiple talented and well-situated folks are narrating the proceedings from the scene.

Apple shares are currently up $4.84, or 1.3%, at $379.44, having recovered from a slight dip earlier in the session, as the Nasdaq overall pulls itself into the green.

Update: Apple shares, and Sprint-Nextel (S) shares, both had a pop before the hour, but are now struggling to hang onto gains, up less than 1%, which is slightly below the Nasdaq’s overall 1% gain.

AppleInsider is reporting that Apple has “outed” the new iPhone’s identity on its Japanese retail site as “iPhone 4S,” in contrast to speculation to theories of an “iPhone 5.”

Tim Cook is now onstage, talking a bit about recent Apple retail openings, such as Shanghai. The company now has 357 stores in 11 countries.

Cook has moved on to talking about the Mac. The company now has 58 million Mac users worldwide.

It looks as if that news about the new device being an iPhone 4S may have dented some enthusiasm, for the moment: Apple shares are now down $1.05 cents at $373.55.

Cook talks a bit about the iPod. The company has sold over 300 million iPods to date. Cook quips that it took Sony (SNE) two decades to sell a fraction of that many Walkman cassette players. (What’s a cassette?)

Cook veered briefly into talking about the iPhone, saying its becoming the dominant smartphone in the world. But then he lurched into a video about the iPad.

Total iOS-based devices have now crossed the quarter-billion unit sales mark.

Software veep Scott Forstall is on stage, talking about iOS. Customers have downloaded 18 billion apps from the App Store. Apple has paid out $3 billion in revenue to developers of those apps. And there are now over 140,000 apps specially built for the iPad.

He showed off an app called “Cards,” which will let you send a printed postcard from your iPhone, to be delivered via snail mail, and get a notification on your phone when it was delivered. The cost is $2.99 to anyone in the States, and $4.99 to any country in the world.

They are really stretching this out.

Forstall is rehashing much of what was discussed in this summer’s Apple developer conference about the iOS 5 update — instant messaging between iOS users, notifications on the lock screen of the phone, the “Newsstand” feature for updating publications you subscribe to, etc.

Apple shares are down $1, or 0.3%, at $373.60.

(I have the sense, though I could be wrong, that today’s presentation so far has not included data points that the Street can use to infer last quarter’s sales. That’s one of the things the bean counters hoped to come away with from this event.)

Forstall says the iOS 5 update will be available for download on October 12th.

Veep Eddy Cue is onstage now, talking about the company’s “iCloud” service, which will provide automatic synchronization and backup of devices.

One new feature Cue has discussed is “Find My Friends,” which allows you to see other iOS device users on a map in your vicinity. Assuming they’ve granted permission, Cue clarifies.

iCloud and its services will also become available on October 12th.

Veep Phil Schiller is up on stage now to talk about the iPod. Apple is dropping the price on the iPod “Nano,” to $129 from $149 for the eight-gigabyte model, and to $149 from $179 for the 16-gigabyte model.

Apple shares are down $2.56, or 0.7%, at $372.04.

Schiller says Apple will offer a version of the iPod “Touch” in white, with both white and black models going for $199, $299, and $399 in versions of 8 gigs, 32 gigs and 64 gigs.

Now Schiller is — finally — going into the “iPhone 4S,” as he just called it. It will feature the A5 chip, he says. The chip will make the device twice as fast as the existing model, and make graphics performance seven times as fast. The new model will get up to 8 hours of talk time on 3G networks, remarked Shiller, and six hours of Web browsing on a charge.

As widely expected, the new model will feature HSDPA+ support, allowing for download speeds of 14.4 megabits per second, twice the rate on the current iPhone 4.

Apple shares are down $3.7324, or 1%, at $370.87.

As suspected, Schiller said the device will be a “world phone,” meaning it can work across GSM and CDMA networks in different parts of the world, unlike the current model.

Schiller spent a good deal of time talking about phone’s camera, and its 8-megapixel sensor, which has an Apple-designed custom “image signal processor” chip, and a five-element lens, he said. The camera on the iPhone 4S takes less time to take the very first shot, compared to the lag on other phones, Schiller claimed.

Apple shares are down $11.57, or 3%, at $363.03.

Schiller is now going into talking about voice commands, another widely anticipated feature of the device, supposedly based on technology developed by Siri, a startup that Apple acquired. (That’s their app for the iPhone in the picture at the top of this post.)

Forstall comes back on to demonstrate speaking natural language questions and commands into the iPhone, such as “do I need a raincoat today,” which was answered by the Phone throwing up a weather report, and responding in an automated female voice “it looks like rain today.” The iPhone keyboard will also feature a button to turn on voice dictation.

The new device will sell for $199, $299, and $399 in 16-gig, 32-gig, and 64-gig models, and will become available on October 14th, with pre-orders starting this Friday. The existing iPhone 4 will be $99 now, and the iPhone 3Gs is now free with a contract. Sprint-Nextel (S) is being added as a U.S. carrier, as widely expected. Sprint shares traded down 4 cents, or 1.5%, to $2.69 despite that news.

Cook comes back on stage, to thank Apple’s hardworking employees, emphasize how proud he is of the company, and say that what sets Apple apart is how well all its products work together.

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There are 60 comments

OCTOBER 4, 2011 12:46 P.M.

Tim Henderson wrote:

here we go! this will be the death of apple - mark my word!! qnx will overpower this repeated garbage!

OCTOBER 4, 2011 12:52 P.M.

@Tim Henderson wrote:

You are one delusional SICK dude. Too bad you lost ALL of your money betting on disfunctional RIMM

OCTOBER 4, 2011 12:52 P.M.

On Time Tech wrote:

Nice to have the pathetically insane Rim Henderson trolling an Apple article, as usual.

What products will RIM have people lining up for this holiday season, Timmy? ROTFLMFAO

OCTOBER 4, 2011 1:02 P.M.

Newton wrote:

Apple is only going to provide a nominal iPhone spec bump...disappointing to say the least considering all the time that has passed since the iPhone 4 was released. You'd think that with all the money, resources, and talent at their disposal Apple would release something a bit more flashy (after all, isn't design one of the cornerstones of their business?)

OCTOBER 4, 2011 1:04 P.M.

s randall wrote:

I just drove by on Saratoga-Sunnyvale Rd. Definitely more crowded than usual. Let's face it, Apple is in the drivers seat. Everyone else is along for the ride.

Iphone 5 now, Iphone 4s later for everybody else who may not want to pay as much, new Ipad, Icloud, and in 2012 the Apple TV is rumored to be in the works (not the service, an actual flat screen TV). Oh yeah, lets not forget the huge deals with CHINA that Apple is in negotiations with. All you haters of Apple can hate all you want. You're like a piece of lint on the shoulders of Apple that just gets brushed off. They'll just smile and continue to earn while producing great products that the world wants. OR, you can stop hating, and start being smart with your investments. Invest in AAPL while you play with your gizmoids and get the best of both worlds.

OCTOBER 4, 2011 1:20 P.M.

Adam wrote:

I'm also very interested in learning about the new Power Macs. A free lance Apple tech told me to hold off on buying one a couple of months ago because sometime in the fall, or winter, the new Power Macs would be out. There's only ONE thing Apple has done that has irritated me, and it's called FCPX. They'd restore confidence in many editors if they'd go back to FCP7, and improve upon that instead.

OCTOBER 4, 2011 1:31 P.M.

@Tim wrote:

Apple do not need a new iPhone, their 18 mos old model still one of the best smart phone seller...more impressive is their 'old' iPhone is still selling at full price.

OCTOBER 4, 2011 1:32 P.M.

Anonymous wrote:

@Adam. They did renew FCP7 and update and bridge FCPX... Everything is cool.

OCTOBER 4, 2011 1:33 P.M.

whimsy wrote:

and Steve Jobs thinks jesus was a mushroom.. the real inspiration for all these Apple internet applicances.

OCTOBER 4, 2011 1:43 P.M.

Anonymous wrote:

Really unimpressive performance so far... AAPL is going down down down down. Time to short again and make a ****load of $$ for me ! Loving shorting this POS !

Rim will not bow to this garbage. QNX is the mother of all OS's. Get as much stock as you can get your hands on because this baby is getting ready to explode. It will never go below 20.00 and it can only go up.

OCTOBER 4, 2011 2:06 P.M.

WALLY.... wrote:

How that "Lift off" is doing yeah? Ooppss falling hard on ur head!

OCTOBER 4, 2011 2:06 P.M.

@Rim Henderson wrote:

It's already below $20, you moron.

OCTOBER 4, 2011 2:08 P.M.

@WALLY wrote:

What time is your remedial reading class? You don't want to be late in case teacher has a pop quiz for you!

OCTOBER 4, 2011 2:10 P.M.

Anonymous wrote:

"It’s already below $20, you moron."

Tim is using Canadian Dollar ...LOL

OCTOBER 4, 2011 2:13 P.M.

On Time Tech wrote:

I'm glad idiots out there are bailing out of Apple right now, I appreciate those who know nothing about tech investing driving the price down so I can load up ahead of this month's earnings and another blowout holiday season.

Dudette you don't know what you're talking about or doing re the stock market. For a start. If you can't be honest with yourself you'll never make any money. Enjoy sucker punching yourself. rotflmao. ps. qnx is about 10 years too late. think about it..................................

OCTOBER 4, 2011 2:18 P.M.

Former Canuk, glad to be in CA wrote:

Otherwise known as the Loonie, LOL
Seriously, I was using QNX exclusively in the 80s and 90s. It's always been good but it has never mattered to the mainstream market. I don't see any reason why it would be different now.

OCTOBER 4, 2011 2:18 P.M.

wally.... wrote:

Overhyped, Overpriced, under build! that what i call the icrao aka iphone! Looking at my new Nokia N9 and wondering why the hell Nokia cant market the heck of this AWESOME phone!

OCTOBER 4, 2011 2:19 P.M.

Parkite wrote:

........what a disappointment.

OCTOBER 4, 2011 2:19 P.M.

LOL wrote:

Wally uses a Nokia phone...BWAHAHAHAHAHAHAHAHAHAHAHA

OCTOBER 4, 2011 2:20 P.M.

borje wrote:

the beginning of the end for iphone mania , black and white , big nono now
R.I.P iphone coolnes

OCTOBER 4, 2011 2:21 P.M.

AAPL headed for $360 wrote:

Awesome buying opportunity. Won't be this cheap again for months. I'm selling a pile of other stuff to get in on this.

OCTOBER 4, 2011 2:22 P.M.

@borje wrote:

Go learn how to speak English, then come back and try again... Stupid.

OCTOBER 4, 2011 2:23 P.M.

Apple303 wrote:

I need it ;)

OCTOBER 4, 2011 2:23 P.M.

J wrote:

Think eMambas iCloud technology will be in demand?

OCTOBER 4, 2011 2:24 P.M.

Apple303 wrote:

I mean iOS 5

OCTOBER 4, 2011 2:24 P.M.

Whatever wrote:

This stock just pisses me off. Obviously, Cook is no Jobs & you have to wonder if the bloom is off the flower......

OCTOBER 4, 2011 2:26 P.M.

@Whatever wrote:

You have to wonder if you are too dense to recognize a great opportunity to accumulate shares of the top performing tech company on the planet at a discount.

OCTOBER 4, 2011 2:32 P.M.

borje wrote:

time for some investigating journalism, WHY did the iphone 5 not come? was it production problems? start working!

OCTOBER 4, 2011 2:34 P.M.

Jonny Ringo wrote:

What did most of you think? The 4S is an improvement and not a game changing technology! Every generation we have a few game changing technologies, such as the internet, 3G, etc and from there on we get upgrades and fine tuning of that technology.

The problem with many iFans is that they just don't understand that most of what Apple has is not invented or created by Apple. Once you understand this you will be more realistic in what you expect from Apple. The company will be a leading Smartphone maker for years to come, however expect it to eventually be eclipsed by the Android coalition in near future, only because of their business model.

OCTOBER 4, 2011 2:37 P.M.

David Lindberg wrote:

The 4S sounds like a quantum leap in speed and features compared to iPhone 4. Too bad so many people worry that it’s not called iphone5. This new model is so advanced they could have skipped a few digits and called it iPhone8.
.

OCTOBER 4, 2011 2:41 P.M.

borje wrote:

R.I.P. IPhone , it was a revolution 5 years ago

OCTOBER 4, 2011 2:43 P.M.

ScottS wrote:

Now the iPhone 4S is almost as good as my Samsung Galaxy S II.

OCTOBER 4, 2011 2:44 P.M.

Kent wrote:

There is no way around this: this is a disappointing release. To wait this long to provide only an upgrade to the iphone 4 is a real disappointment. You can see it in the markets reaction. I can only speculate that Apple had supplier problems and could not get everything in line in time to come out with something different. What happened to the 20bn Sprint announcement? That being said, I still think in adding Sprint, and a couple of more global carriers, Apple's numbers will still be very strong in the upcoming quarter. The "magic" halo though seems to have lost some of its shine... hope this isn't a sign of things to come.

OCTOBER 4, 2011 2:47 P.M.

@borje wrote:

Still showing off your stupidity and ignorance, I see.

The iPhone 4 is the best-selling smartphone on the planet, is there any reason to assume that making it twice as fast will cause it to sell less? R.I.P.? I suppose if you're retarded you might say that.

OCTOBER 4, 2011 2:48 P.M.

Good for shareholder wrote:

No re-tune production line, just switching the software and components. Good for share.

OCTOBER 4, 2011 2:48 P.M.

Where is the beef? wrote:

Seemed to remember so many APPL analysts calling for 500-600 target to be reached by this point. Maybe they will wake up to reality one day.

OCTOBER 4, 2011 2:51 P.M.

@Where is the beef? wrote:

The year isn't over yet. idiot.

And I seem to recall plenty of Apple hating fools stating that the stock would never see $300, then $400. Boy, you morons sure enjoy being wrong, I guess.

OCTOBER 4, 2011 2:59 P.M.

iCool wrote:

Most of you comment with anger and not with a cool mind. Apple doesn't need a new iPhone to bail out a hot product which are selling like hot cakes. Changing the shape or color is not innovation. Many iAndriod and iRIMM fans just sound sour and bitter.

OCTOBER 4, 2011 3:01 P.M.

Anonymous wrote:

The guys from RIM are the only detractors here. So. Don't feed the trolls.

As for the new iPhone 4S. I predict that the iOS5 devices will steam role into enterprise etc. I see no other options for a hand held computing companion. This new device is just like your buddy.

OCTOBER 4, 2011 3:04 P.M.

ValleyOracle wrote:

Sure would have liked a new exterior design; but, really what matters in the end is the utility I can get out of the device, the applications and services that is.
I feel they have raised the bar for the competition on many fronts; natural language questions support if it works as well as it was demoed and the better camera are itself good enough reason for me to get the 4gs

"Do I need a raincoat today"? Wow, I really need an iphone to answer that. And one with with HSDPA at that.

Which HSDPA, btw, even if one chooses to strectch it and calls it "a quantum leap in speed" it has nothing to do with Apple.
It simply is a new standard defined by a committee and Apple bought a module (most likely from Samsung or Skyworks, etc)

But yeah, for some Apple invented the sine wave.

OCTOBER 4, 2011 3:11 P.M.

tim cook, yeah i know i stinlk as CEO wrote:

Crapple stinks. 4S, a 8 megapixel camera. How magical. Sell fools

OCTOBER 4, 2011 3:11 P.M.

Tim Henderson wrote:

ROTFLMFAO!!!!!!!!!!!!!!!!

IPHONE 4S? HAHAHAHAHAHAHA

where is the innovation idiots?!?!?!?!?

OCTOBER 4, 2011 3:12 P.M.

skibum wrote:

Did they make any mention of Sprint or Facebook? I'll be getting one of these 4s phones as I didn't get a 4. I want to see an independent review first.

OCTOBER 4, 2011 3:17 P.M.

WOWOWOWOOWOWOWOW wrote:

Apple is DEAD!

no 4G
no bigger screen
nothing innovative.

goodbye apple! hello RIM/Samsung!

OCTOBER 4, 2011 3:23 P.M.

jk wrote:

all these improvements --- the current phone must have been garbage. And with all this, its still not secure.?? Free will help protect market share loss but not much margin on free phones, is there?

OCTOBER 4, 2011 3:48 P.M.

@Rim Henderson wrote:

Well, I can tell you where the innovation isn't...in Waterloo, Canada. Unless making half-baked little tablets with no apps and reheating the same old phone over and over is considered "innovative" in America's Hat.

Simple fact is, Apple will continue to outsell the dying Crackberry dinosaurs with their new lineup of iPhones. It's been that way for over a year now, and things will only get worse for RIM from here.

About Tech Trader Daily

Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: techtraderdaily@barrons.com.